Assessment of trust
This query is : Resolved
21 February 2015
I am an article student Our client is registered under sec 10(23C)(iv). we have to file income tax return. Its gross Receipts are 2835675 and expenses are 2061739. so the income as per p&l a/c is 773936. Will this income is taxable. what is the procedure for filing IT return
21 February 2015
The income is exempt subject to the following.
(i) The assessee will apply its income, or accumulate for application, wholly and exclusively to the objects for which it is established;
(ii) The assessee will not invest or deposit its fund (other than voluntary contributions received and maintained in the form of jewellery, furniture, etc.) for any period during the previous year relevant to the assessment years mentioned above otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11;
(iii) This notification will not apply in relation to any income being profits and gains of business, unless the business is incidental to the attainment of the objectives of the assessee and separate books of account are maintained in respect of such business;
(iv) The assessee will regularly file its return of income before the income–tax authority in accordance with the provisions of the Income-tax Act, 1961;
Income tax return has to be filed in ITR7 with audir report.
(i) The assessee will apply its income, or accumulate for application, wholly and exclusively to the objects for which it is established;
(ii) The assessee will not invest or deposit its fund (other than voluntary contributions received and maintained in the form of jewellery, furniture, etc.) for any period during the previous year relevant to the assessment years mentioned above otherwise than in any one or more of the forms or modes specified in sub-section (5) of section 11;
(iii) This notification will not apply in relation to any income being profits and gains of business, unless the business is incidental to the attainment of the objectives of the assessee and separate books of account are maintained in respect of such business;
(iv) The assessee will regularly file its return of income before the income–tax authority in accordance with the provisions of the Income-tax Act, 1961;
Income tax return has to be filed in ITR7 with audir report.
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23 February 2015
please can u inform the computation format of such trust
23 February 2015
See the link. But depreciation is not an allowable expenditure from 1-4-2015 see last year budget amendment.
https://groups.google.com/forum/#!topic/echange-professionally/XBwmw6r8J58
https://groups.google.com/forum/#!topic/echange-professionally/XBwmw6r8J58
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